AERTS & MAEX: what changed
Two financial years side by side, explained: what moved most in the balance sheet and the result, why the result rose or fell, and where the money went.
AERTS & MAEX
Largest movements
- Current investments -€272,265
down €272,265 (-68.2%), from €399,476 to €127,211
- Cash +€239,918
up €239,918 (+200.8%), from €119,463 to €359,381
mainly Current investments (+€272,265) and Depreciation (+€3,202)
- Receivables within one year +€13,026
up €13,026 (+108.1%), from €12,053 to €25,079
of which Trade receivables: +€9,035
- Other debts -€13,681
down €13,681 (-7.3%), from €187,116 to €173,435
- Gross operating margin -€21,025
down €21,025 (-65.3%), from €32,173 to €11,148
- Financial charges -€5,221
down €5,221 (-25.2%), from €20,722 to €15,501
- Taxes -€5,101
down €5,101, from €5,030 to -€71
- Purchases and services +€2,481
up €2,481 (+7.4%), from €33,379 to €35,860
- Financial income -€1,731
down €1,731 (-16.5%), from €10,488 to €8,757
From the 2024 result to the 2025 result
Each bar is the change in one income-statement line, as its effect on the result: higher costs pull it down, higher income lifts it.
Cash bridge derived
Derived from the 2024 and 2025 balance sheets and the 2025 result: not a filed cash-flow statement. It shows where the money came from and went.
Every line side by side
| Line | Code | 2024 | 2025 | Change | % |
|---|---|---|---|---|---|
| Total assets | 20/58 | €538,144 | €519,154 | -€18,990 | -3.5% |
| Fixed assets | 21/28 | €7,152 | €5,557 | -€1,595 | -22.3% |
| Tangible fixed assets | 22/27 | €7,152 | €5,557 | -€1,595 | -22.3% |
| Land and buildings | 22 | €5,631 | €3,035 | -€2,596 | -46.1% |
| Plant, machinery and equipment | 23 | €633 | - | -€633 | |
| Furniture and vehicles | 24 | €888 | €2,522 | +€1,634 | +184.0% |
| Current assets | 29/58 | €530,992 | €513,597 | -€17,395 | -3.3% |
| Amounts receivable within one year | 40/41 | €12,053 | €25,079 | +€13,026 | +108.1% |
| Trade receivables | 40 | €1,255 | €10,290 | +€9,035 | +719.9% |
| Other amounts receivable | 41 | €10,798 | €14,789 | +€3,991 | +37.0% |
| Current investments | 50/53 | €399,476 | €127,211 | -€272,265 | -68.2% |
| Cash at bank and in hand | 54/58 | €119,463 | €359,381 | +€239,918 | +200.8% |
| Deferred charges and accrued income | 490/1 | - | €1,926 | +€1,926 | |
| Total equity and liabilities | 10/49 | €538,144 | €519,154 | -€18,990 | -3.5% |
| Equity | 10/15 | €321,306 | €318,078 | -€3,228 | -1.0% |
| Contributions | 10/11 | €20,000 | €20,000 | = | 0.0% |
| Contributions outside capital | 11 | €20,000 | €20,000 | = | 0.0% |
| Share premium | 1100/10 | €20,000 | €20,000 | = | 0.0% |
| Reserves | 13 | €301,306 | €301,306 | = | 0.0% |
| Distributable reserves | 133 | €301,306 | €301,306 | = | 0.0% |
| Profit (loss) carried forward | 14 | - | -€3,228 | -€3,228 | |
| Amounts payable | 17/49 | €216,838 | €201,076 | -€15,762 | -7.3% |
| Amounts payable after more than one year | 17 | €20,000 | €20,000 | = | 0.0% |
| Financial debts | 170/4 | €20,000 | €20,000 | = | 0.0% |
| Amounts payable within one year | 42/48 | €196,838 | €181,076 | -€15,762 | -8.0% |
| Trade debts | 44 | €3,605 | €3,395 | -€210 | -5.8% |
| Suppliers | 440/4 | €3,605 | €3,395 | -€210 | -5.8% |
| Taxes, remuneration and social security | 45 | €6,117 | €4,246 | -€1,871 | -30.6% |
| Taxes | 450/3 | €6,117 | €4,246 | -€1,871 | -30.6% |
| Other amounts payable | 47/48 | €187,116 | €173,435 | -€13,681 | -7.3% |
| Goods, raw materials, services and sundry goods | 60/61 | €33,379 | €35,860 | +€2,481 | +7.4% |
| Remuneration, social security and pensions | 62 | €72 | €168 | +€96 | +133.3% |
| Depreciation of and write-downs on formation expenses, intangible and tangible fixed assets | 630 | €3,992 | €3,202 | -€790 | -19.8% |
| Other operating charges | 640/8 | €4,033 | €4,333 | +€300 | +7.4% |
| Gross operating margin | 9900 | €32,173 | €11,148 | -€21,025 | -65.3% |
| Operating profit (loss) | 9901 | €24,076 | €3,445 | -€20,631 | -85.7% |
| Financial income | 75/76B | €10,488 | €8,757 | -€1,731 | -16.5% |
| Recurring financial income | 75 | €10,488 | €8,757 | -€1,731 | -16.5% |
| Financial charges | 65/66B | €20,722 | €15,501 | -€5,221 | -25.2% |
| Recurring financial charges | 65 | €20,722 | €15,501 | -€5,221 | -25.2% |
| Profit (loss) for the period before taxes | 9903 | €13,842 | -€3,299 | -€17,141 | |
| Income taxes | 67/77 | €5,030 | -€71 | -€5,101 | |
| Profit (loss) for the period | 9904 | €8,812 | -€3,228 | -€12,040 | |
| Profit (loss) for the period to be appropriated | 9905 | €8,812 | -€3,228 | -€12,040 |
Source: filed annual accounts (NBB), financial years ended 31 December 2024 and 31 December 2025. Colour: green is a favourable move for that line, red an unfavourable one. Prepared on 10 October 2026 via checked.be.